SMS reveals 43% profit jump on higher meter sales

GARETH MACKIE

Gas meter supplier Smart Metering Systems (SMS) today said its profits soared 43 per cent last year as sales of its products rose by a third.

The Glasgow-based firm reported a pre-tax profit of £7.5 million for 2013, up from £5.2m a year earlier, on revenues 33 per cent higher at £27.9m.

Aim-quoted SMS said shareholders were in line for a total dividend for the year of 2.31p a share – an increase of 40 per cent on 2012.

Chairman Paul Dollman – the former finance chief of Edinburgh-based logistics group John Menzies – said: “The group continues to make progress based on our strategic priorities and we view the outlook for the market in 2014 as very promising for our business model.”